Mortgage rates continue their upward trend as concerns over the much talked about "taper tantrum" dominate the mortgage landscape. Bond markets started off the day in a weaker position due to a pronounced weakness in Europe. This weakness was compounded by a much stronger than anticipated ISM report. The ISM data came in with the PMI rising faster month over month than it had ever done in the entire history of the report! Immediately following this report, bonds went on a selling spree, and Treasury yields went into the "danger zone" at 1.73% (VS the 1.75% ceiling. Several lenders repriced negatively at this point. Surprisingly, MBS battled back into just about "unchanged" by the close of the day. 10 year yields remained almost 2 bps higher. Check back here tomorrow for more up to date mortgage news.
Bookmark this page for mortgage rates:
• 30 year (FRM) rates at 3.52% (+0.04%).
• 15 year (FRM) rates at 2.84% (+0.04%).
• FHA 30 year Fixed rates at 3.35% (+0.05%).
• Jumbo 30 year Fixed rates at 3.66% (+0.05%).
• 5/1 ARM rates at 2.90% (+0.03%).
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